USD / CHF Technical Analysis Dec 7

Will the bulls lead the USDCHF at 1.0105?

The USDCHF, after rising from 1.0044 to 1.0105, has now stabilized below today’s major pivot point area, the 1.0105 level.

Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 25 level where the pair is expected to retrace to the upside.

Probable Scenario

In the condition where the pair stabilizes above the 1.0105 level and the upside pressures somehow get more tensed, the price could rise to the 1.0206 zone, Fibonacci’s 0.0%.

Should the bulls gain the control over the price in today’s session they would then resume their steady but successful upside momentum that started as of the 5th of December 2016.

Alternative Scenario

Alternatively, in the event where the bearish pressures force the pair below the 1.0044 zone, the price could drop to 0.9947.

Today’s Major Announcements

  • The EIA Crude Oil Stocks Change (Dec 2) and the Consumer Credit Change (Oct) releases are expected to have a medium impact on the U.S. dollar
  • There are no any releases on the Swiss franc

Synopsis

·         Probable trend (Bullish): 1.0105

·         Bullish take profit target: 1.0206

·         Stop loss target: 1.0044

·         Alternative trend (Bearish): 1.0044

·         Bearish take profit target: 0.9947